Avaamo the AI-driven company specialising in conversational interfaces to solve specific high impact problems in the enterprise, announced today that it has raised a $14.2 million Series A financing round led by Intel Capital with additional investment from Ericsson Ventures, Mahindra Partners, Wipro Ventures and WI Harper. This funding brings the company’s total investment to $23.5 million to date, Avaamo said.
The deep-learning software company will use the latest funding that brings the company’s total investment to $23.5 million to date to enhance business growth and meet demand in the enterprise for conversational AI solutions in the growing global market.
The company claims it platform enables enterprises to deploy omnichannel intelligent assistants in the areas of supply chain, HR, sales support, claims processing and insurance advisory. Over the past three years, Avaamo has built fundamentally new AI technology that automates judgment-intensive, multi-turn responses to complex, domain-specific customer queries with a very high degree of accuracy – even with sparse training data.
The starup’s full stack conversational AI platform with a specific focus on vertical machine learning, has enabled the company to acquire customers in the finance, mutual funds, telco and retail sectors, Avaamo said.
Intelligent assistants in these industries require deep domain machine learning, as well as integration to proprietary data residing in legacy systems with support for security, encryption and addressing GDPR and HIPAA requirements, the company noted.
“Intelligent agents are an emerging area that’s already impacting how consumers interact with enterprises, while reducing costs and improving workforce productivity,” said Fiaz Mohamed, head of Industry Solutions, Artificial Intelligence Products Group at Intel Corporation. “Because Avaamo’s secure architecture allows for easy integration with existing enterprise systems, combining its emerging conversational technology with Intel’s platform focus on AI has the potential to provide a disruptive platform for large enterprises.